Gold Fields (GFI) Q3 2024 earnings summary

Executive summary

• Q3 2024 saw a 12% quarter-on-quarter increase in attributable gold-equivalent production to 510,000 ounces, with improved safety performance and no fatalities or serious injuries.

• Salares Norte ramp-up resumed ahead of schedule, with first meaningful production expected in Q4 2024 and commercial levels targeted for Q2 2025.

• Completed $1.39 billion acquisition of Osisko, consolidating 100% ownership of the Windfall Project.

Financial highlights

• All-in cost decreased 5% quarter on quarter to $1,909/oz; all-in sustaining cost fell 3% to $1,694/oz.

• Net debt reduced by $30 million to $1.12 billion after paying a $152 million interim dividend; net debt to EBITDA improved to 0.47x from 0.53x.

• Gold price averaged $2,493/oz in Q3 2024, up from $2,337/oz in Q2 2024.

Outlook and guidance

• Annual production guidance maintained at 2.05–2.15 million ounces, with Q4 expected to show further improvement, likely in the lower half of the range.

• Salares Norte expected to contribute 40–50,000 ounces in 2024, ramping up to 325,000–375,000 ounces in 2025, and reaching steady-state production of 550,000–600,000 ounces in 2026–2028 before declining.

• No changes to long-term Salares Norte guidance; ramp-up delayed but profile intact.